Australia's Wheat Crop Rebounds Amid Global Supply Crunch

Australia's wheat crop is showing signs of improvement as timely rainfall in major growing regions has boosted production prospects.

Rabobank initially projected a low yield of 21.3 million tons, down over 40% from last year, but now predicts the crop could reach up to 30 million tons.

This is still below last year's 35.8 million tons, but above the 10-year average for Australian wheat production.

Bendigo Bank Agribusiness also revised its forecast to around 30 million tons, with a potential upside of up to 33 million tons.